BSA & Fraud Officer

Overview

Who We Are

First Fed is a local community bank on an exciting growth trajectory with 17 locations including 12 full-service branches in Western Washington. First Fed has been recognized as a Best Workplace and a Top Corporate Philanthropist by the Puget Sound Business Journal. The bank has received several awards for Best Bank and related categories from local publications and Forbes named us a Best-In-State bank.

For over 100 years, First Fed has served customers and communities throughout the Pacific Northwest. We have donated over $9 million to non-profit organizations in the past 8 years and volunteers have contributed over 25,000 hours in the past 5 years, supported by 3 paid volunteer days per year. We welcome applicants from all backgrounds to join our award-winning team.

Our Values

Optimism:
We are positive and decisive. We believe the future will be better than the past, and our attitude demonstrates persistence which leads to success.

Initiative:
We are self-starters who find innovative solutions. We are courageous, entrepreneurial, and passionate. We take action for good.

Respect:
We include individuals from diverse backgrounds and with different perspectives. We are committed to honoring and serving others.

Growth:
We learn and adapt to continually improve. We believe in personal growth through grit and determination.

Ownership:
We are invested in our endeavors, accountable, and take responsibility for our actions and decisions.

Position Purpose

The BSA and Fraud Officer is responsible for administering, coordinating, developing, implementing, and maintaining all aspects of First Fed’s Bank Secrecy Act Combating the Financing of Terrorism (CFT)/Anti-Money Laundering (AML), OFAC, US Patriot Act, Bank Protection Act, and the bank’s fraud compliance programs, ensuring a high level of compliance with related laws, regulations, internal policies and procedures, and Federal regulatory expectations.

This position must independently recognize, develop, and implement cost-effective compliance-related solutions for the CFT/AML and Fraud programs that align with the Bank’s strategic objectives. To perform this job successfully, the individual must be able to perform each essential duty satisfactorily.

Essential Functions

• Analyze complex anti-money laundering matters and provide advice and direction to business lines and to the BSA and Fraud staff.
• Work closely with auditors and regulatory examiners on requests related to CFT/AML and Fraud.
• Manage corrective action responses to audit or exam findings and report remediation efforts to the Board.
• Respond to requests by law enforcement, including subpoenas as appropriate.
• Keep senior management informed regarding compliance issues and elevated risks by providing regular reporting to the Director of Risk and Compliance, the Board of Directors, the Enterprise Risk Management Committee, and others as appropriate.
• Ensure the bank’s programs and systems designed for BSA compliance are proactive to regulatory changes and evolving AML typologies.
• Manage the SAR Committee and provide sound recommendations and detailed documentation on committee decisions.
• Establish and maintain an effective Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) program with appropriate risk ratings for high-risk customers, including initial and ongoing assessments and reviews with documentation.
• Maintain an effective fraud program with ongoing monitoring using software and analytics to protect the bank and its customers from financial loss.
• Conduct time-sensitive investigations of external and internal fraud against the bank and customers.
• Provide management and the Board with fraud trend reporting and recommendations on best practices to mitigate fraud risks.
• CFT Monitoring and Filings: ensure all regulatory reporting is timely, accurate, and compliant.
• Maintain records related to the BSA program and provide oversight and governance documentation.
• Prepare, review, and file Suspicious Activity Reports (SARs) and conduct follow-up reviews as needed.
• Investigate staff reports of possible suspicious behavior and file SARs as necessary.
• Review 314(a) and 314(b) procedures and reporting.
• S…